Corp-Ethics.com - Report: Shell under investigation by FSA

Company	Shell [Company Info]
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Date	Issue	Title
23rd Apr 2004	Fraud Investigation	Shell under investigation by FSA

Report

Investigations are being carried out by the Financial Services Authority into oil giant Shell after recent events.
A storm of bad publicity surrounds the company following three separate occasions when the company admitted it had overstated its oil reserves.

The Shell scandal first broke back in January when the firm made its initial announcement on a reserves downgrade.

Shell executives knowingly hid the company's oil and gas shortfalls as far back as 2001, said a Shell report.

The internal, but independent report firmly placed the blame on the shoulders of former chairman Sir Philip Watts and oil and gas chief Walter van de Vijver, who both resigned in March over 20% reserves' downgrades.

A month later Judy Boynton, Shell's finance chief, became the third casualty of the company's reserves crisis.

Following the downgrades, Shell's reserves for 2002 are now 4.35 billion barrels lower than previously thought.

There is also a further reduction of 500 million barrels for last year.

The impact on earnings from these changes averages $100m (£56.4 million) for each year since 2000.

The FSA said Shell had been notified of the investigation and that no further statements would be made until the work reached a conclusion.

"We are continuing to co-operate with the FSA to assist them in concluding their inquiry expeditiously," a Shell spokesman said.

Shell is already under investigation in the US by both the Securities & Exchange Commission and the Justice Department.

Other Reports on Shell
Date	Issue	Company	Report
24th Feb 2006	Other Issue	Shell	Shell told to pay Nigeria $1.5bn
14th Sep 2005	Other Issue	Shell	Tribunal upholds Shell criticism
12th Aug 2005	Other Issue	Shell	Venezuela-Shell tax row heats up
14th Jul 2005	Other Issue	Shell	Shell faces Venezuelan tax demand
8th Jan 2005	Questionable Practice	Shell	Shell finance supremo wins $1m pay-off
1st Dec 2004	Questionable Practice	Shell	Nigerian senators threaten Shell
29th Jul 2004	Fraud Investigation	Shell	Shells pays £80m to settle fraud inquiry
25th Jun 2004	Other Issue	Shell	Ex-Shell chief gets £1m pay-off
19th May 2004	Other Issue	Shell	29 Dead in Shell Oil Well fire
27th Jan 2004	Other Issue	Shell	$1bn Lawsuit

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